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IPos

Resource Base gets a facelift

esource Base Ltd has relisted on the ASX under new leader- seller, Navarre Minerals Ltd.
Rship and with a sharpened focus on chasing VMS-style min- Resource Base started a geophysical programme last month
eralogy in Victoria’s Stavely Arc. along the 4km strike between its top two targets, Eclipse and
After pouring over more than 50 projects that were left on the New Moon. An “aggressive” inaugural drilling programme is
cutting room floor and an oversubscribed $5.5 million IPO in then expected to begin in Q4 this year.
July, Resource Base has elected to focus wholly and solely on This isn’t Green’s first time leading the clean-up crew on a
the Black Range copper-gold project. company that needed a makeover, having recently recapitalised
“We truly think that there is a large-scale VMS system there,” Pathfinder Resources Ltd, alongside long-time business associ-
Resource Base executive chairman Shannon Green told Pay- ate and chief financial officer John Lewis.
dirt. “Grade will ultimately be one of the determinants.” “This is the third company we’ve reconstructed,” Green said.
The company hoisted its flag at Black Range after purchasing “We’re pretty successful at it.
the 124sq km project in full and leaving a board seat open to “I was invited to join the board…it should have been an in-
side six-month job to pull it apart,
bring in a new asset and recap the
company because it had been in
long-term suspension, at that point
in time for about 18 months.
“We then brought on John Lewis
who is a seasoned CFO and ad-
ministrator, so he knows which
way is up on ‘can you save this?’.
We like to find assets that are real
or have a very good shot of being
real and trying to do something
with them and build value for our
shareholders.”
What attracted Green to Black
Range was a belief the previous
owners didn’t know they were deal-
ing with a VMS system in the first
place, as well as the opportunity to
explore in the Stavely Arc.
“We sifted through the historical
data and we formed the view that
Resource Base is making a second run at the Black Range project in Victoria’s Stavely Arc following
re-entry to the ASX the previous owners missed what
we believe is actually going on ge-
ologically there,” he said.
“We believed the previous drilling showed that while the
grades weren’t spectacular, it still showed all the mineralogy that
you’d want to be seen if you’re pretty close to a VMS system.
We’ve spent a significant amount of time going back through all
of their existing data.”
So far Resource Base has enlisted the talents of an independ-
ent contract geologist for the upcoming drilling campaign, how-
ever, Green hopes to eventually give Black Range the love it
deserves.
“Hopefully by then we’ll have our own inhouse geologist on
the ground who will take custody of that and help us ensure that
strategy,” he said. “Once we’re drilling in there, then we’ll be go-
ing the geophysics work on the rest of our targets and working
down the list from top to bottom.
“A lot of exciting times ahead for us and we’ll be looking at
other projects too. We want to grow this into a valuable com-
pany, we don’t believe we should just sit on one project, nor do
we want to have 20 projects either.
“We’ll still maintain our focus in that basin and the EV space.
Copper is brilliant and who doesn’t want a piece of Stavely at
the moment?”
– Fraser Palamara
An “aggressive” inaugural drilling programme at Black Range is
expected in Q4
For details about exhibiting, presenting and participating
call Namukale Nakazwe on kale@paydirt.com.au
Page 14 SePTeMBeR 2021 aUSTRaLIa’S PaYDIRT